Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-129 - ANNUITY DISCLOSURE
Section 482-1-129-.03 - Applicability And Scope
Universal Citation: AL Admin Code R 482-1-129-.03
Current through Register Vol. 42, No. 11, August 30, 2024
This chapter applies to all group and individual annuity contracts and certificates except:
(1) Registered or non-registered variable annuities or other registered products;
(2) Immediate and deferred annuities that contain no nonguaranteed elements;
(3)
(a)
Annuities used to fund:
1. An employee pension
plan which is covered by the Employee Retirement Income Security Act
(ERISA);
2. A plan described by
Sections 401(a), 401(k) or 403(b) of the Internal Revenue Code, where the plan,
for purposes of ERISA, is established or maintained by an employer,
3. A governmental or church plan defined in
Section 414 or a deferred compensation plan of a state or local government or a
tax exempt organization under Section 457 of the Internal Revenue Code;
or
4. A nonqualified deferred
compensation arrangement established or maintained by an employer or plan
sponsor.
(b)
Notwithstanding Paragraph (a), the chapter shall apply to annuities used to
fund a plan or arrangement that is funded solely by contributions an employee
elects to make whether on a pre-tax or after-tax basis, and where the insurance
company has been notified that plan participants may choose from among two (2)
or more fixed annuity providers and there is a direct solicitation of an
individual employee by a producer for the purchase of an annuity contract. As
used in this subsection, direct solicitation shall not include any meeting held
by a producer solely for the purpose of educating or enrolling employees in the
plan or arrangement;
(4) Structured settlement annuities;
(5) Charitable gift annuities; and
(6) Funding agreements.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, § 27-2-17, 27-12-1 et seq., 27-15-1et seq.
Disclaimer: These regulations may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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